"Short-term macroeconomic forecasts are still conflicting. According to ACRA analysts, amid current macroeconomic and geopolitical trends we expect GDP to contract by around 1.7% in 2016," she said.

Russia’s budget for 2016 is based on $50 per barrel price for Urals crude oil, with budget revenues totaling 17.5% of GDP (13.738 trillion rubles, or $178.5 bln), expenditures at 20.5% of GDP (16 trillion rubles, or around $209 bln) and budget deficit at 3% of GDP (2.36 trillion rubles or $30.6 bln).